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How Covid-19 Is Hurting Workers’ Retirement Prospects

Due to the pandemic, 33% of workers have taken a loan and/or withdrawal from a qualified retirement accounts, or plan to do so.

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Stock image of dollar bill cut up like a puzzle with COVID-19 designs on top of it

The costs to Americans from the coronavirus pandemic continue to grow, casting a pall over the year-end holiday season.

Twenty-one percent of U.S. workers in a new survey say their confidence in their ability to retire comfortably has declined, and only 27 percent are highly confident they will be able to fully retire with a comfortable lifestyle, according to Transamerica Center for Retirement Studies (TCRS), a nonprofit organization.

“Before the pandemic, the retirement prospects for many workers was iffy at best,” Catherine Collinson, chief executive and president of Transamerica Institute and TCRS, said in a statement. “It will take years for many workers to financially recover—and some may never recover. Help from policymakers is needed to strengthen the U.S. retirement system.”

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